Law firm DWF is advising Britons affected by the insolvency of one of Spain’s biggest property developers, Martinsa-Fadesa.

The firm has been approached by a number of buyers who have made down payments on off-plan properties and will be representing their interests in block in the Spanish courts. Antonio Guillen of DWF says buyers have until 1 October to register with the court to ensure their claim is recognised.

Hundreds of Britons are believed to have been affected by the collapse of Martinsa-Fadesa and now do not know whether their property will be completed or if they will have their money refunded.

Martinsa-Fadesa filed for voluntary insolvency before the courts in A Coruña, Spain, where its headquarters are based. Two administrators have already been appointed - Bankinter Bank which will represent creditors’ interests and an independent lawyer - and a third will be appointed by the CNMV, the organisation which regulates the Spanish stock market.

Antonio Guillen, who is qualified as a lawyer both in the UK and in Spain and has experience in similar cases, explains: “The insolvency has now been published in Spain's official government newspaper which means that any purchasers or creditors affected will have to register their interests with the court before 1 October 2008. Failure to do so could result in their claim not being recognised.

“As this procedure will take place before the Spanish courts it is advisable to appoint a Spanish lawyer and allow him or her power of attorney to serve any documentation on your behalf and engage in correspondence with the court and the administrators.

“DWF has been approached by several British people and is now setting up a group of affected purchasers to represent them in block. Hopefully we will be able to put the necessary pressure on the court and the administrators to protect their interests.”

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